Microeconomics Fundamentals Quiz
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Questions and Answers

What does microeconomics analyze?

  • Government policies
  • Individual agents and markets (correct)
  • Global economic systems
  • Currency exchange rates

    • What does macroeconomics analyze?

  • The economy as a system (correct)
  • Small-scale market interactions
  • Local government policies
  • Individual consumer behavior

    • What is the distinction between positive economics and normative economics?

  • Describing 'what is' vs advocating 'what ought to be' (correct)
  • Describing 'what is' vs predicting 'what will be'
  • Describing 'what ought to be' vs advocating 'what is'
  • Advocating 'what is' vs describing 'what ought to be'

    • What are the key factors affecting macroeconomics?

    <p>Employment, inflation, economic growth</p> Signup and view all the answers

    What are the main elements analyzed in economics?

    <p>Production, distribution, consumption of goods and services</p> Signup and view all the answers

    What does microeconomics focus on?

    <p>Individual agents and markets</p> Signup and view all the answers

    What does macroeconomics analyze?

    <p>The economy as a system and its interactions</p> Signup and view all the answers

    What are the broad distinctions within economics?

    <p>Positive economics and normative economics</p> Signup and view all the answers

    What does normative economics advocate?

    <p>What ought to be</p> Signup and view all the answers

    What are the examples of individual agents in microeconomics?

    <p>Households, firms, buyers, and sellers</p> Signup and view all the answers

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